Lily AI, a Mountain View, CA-based product attributes platform that injects an enriched, customer-centered product taxonomy across the existing retail stack, announced that it closed $25 million in Series B financing.
The investment came from Canaan Partners, Conductive Ventures, Sorenson Ventures, and NEA, among others.
Lily AI will use the new funding to expand further into mid-market retail e-commerce brands in home, beauty, and fashion, enabling clients to supercharge their e-commerce applications by dramatically improving on-site search conversion, personalized product discovery, and demand forecasting.
In addition, the company intends to expand its solution to other applications in the retail stack.
Lily AI has expanded in 2022 into new industry verticals, such as home and beauty, as well as internationally into the UK and Europe.
Company: OneLook, Inc.
Raised: $25.0M
Round: Series B
Funding Month: Aug 2022
Lead Investors: Canaan Partners, Conductive Ventures, Sorenson Ventures, and NEA
Additional Investors:
Company Website: https://www.lily.ai/
Software Category: Product Attributes Platform
About the Company: Founded in 2015 by Sowmiya Chocka Narayanan and Purva Gupta, Lily AI is a product attributes platform that injects the language of the customer across the existing retail stack, accurately connecting shoppers with the relevant products they're looking to buy. Lily AI takes the language of the customer across the entire retail e-commerce value chain, providing retailers with one tool that dramatically impacts all systems. The company's robust, AI-powered image recognition extracts over 15,000 product attributes, allowing retailers to configure ten times more attributes for every product. Lily AI drives 8–9-figure revenue uplift for retailers and brands by dramatically improving their on-site search conversion, personalized product discovery, and demand forecasting. The company is trusted by some of the world's largest retail brands, including Bloomingdale's, Gap Inc., Macy's, and thredUP, and is headquartered in Mountain View, CA.
Source: https://www.prnewswire.com/news-releases/lily-ai-closes-25m-series-b-to-bring-the-language-of-the-customer-across-the-entire-retail-value-chain-301611409.html